Business
Marketers, Retailers fight dirty as Fuel price nears N1,000 per litre in Nigeria
Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria.
On Monday, it was reported that the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices.
In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955 per litre on Monday from N890 dispensed at the weekend.
IPMAN, PETROAN give reasons for fuel price increase:
The latest fuel price hike in Nigeria has been blamed on several reasons, including the fall in global crude oil price, the exchange rate, the Dangote Refinery, and the Depot Owners petrol ex-depot price increase.
While the Independent Petroleum Marketers of Nigeria blamed the exchange rate for the latest fuel price hike, the Petroleum Products Retail Outlets Owners Association of Nigeria blamed Dangote Refinery’s pricing system.
The spokesman of IPMAN and the National President of PETROAN, Chinedu Ukadike and Billy Gillis-Harry, respectively, made these perspectives known in separate interviews on Monday.
Ukadike partly attributed the recent fuel price hike to forces of demand and supply in a deregulated downstream oil industry.
He noted that the latest price adjustment is not unconnected to price reviews at petrol depots and the Dangote Refinery.
“Fuel prices went up due to forces of demand and supply.
Supplying Depots and Dangote Refinery have increased their ex-depot petrol prices.
“The cost of the Dollar is the reason for the price hike for depot owners.
“For Dangote Refinery, I can’t say categorically, but it may not be unconnected to the price of crude oil; you know the plant imports the bulk of its crude oil.
“As of Friday, Dangote Refinery is N858 per litre, NIPCO (N870), Aiteo (855), and Ranoil (N865),” he said.
On his part, Gillis-Harry blamed the Dangote Refinery pricing mechanism for the latest fuel price hike.
“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he said.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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